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When you have a business where customers contract you to perform a service, you need a legally binding agreement to spell out of the terms and conditions of the business relationship. According to "All Business," a business agreement serves as a guide that all parties to the agreement must follow. Generally, one party draws up the agreement and both parties sign the it as an acknowledgment of the terms and conditions it contains.

Specify Time and Amounts of Payments - Entering your hourly rate and projected time for completion, or the total amount of payment for the project may not be enough. Depending on the project's scope, the contract should include: Any portion of fees to be paid upfront. Any fees to be paid at milestones as a project proceeds. Payment for work completed if a client cancels the contract. Late fees if the client doesn't pay on time. Hourly rate for your time due to delays caused by the client or for client's request to perform additional work.